ISLAMABAD: The Rashakai Special Economic Zone Development and Operation Company (RSEZDOC) has started working to develop market, manage, and operate the flagship project of the Rashakai Economic Zone (REZ).

The special purpose vehicle company has already registered with the Security and Exchange Commission of Pakistan (SECP) having five directors.

The China Road Bridge Corporation (CRBC) has four directors out of five. Moving towards rapid industrialisation in the province, one Chinese state-owned Century Steel Company has been allotted 40 acres of land for steel production. The Chinese company has already started building infrastructure at Rashakai. The daily production of Century Steel will be 4,000 tons.

Around 2,000 applications submitted by the Chinese and Pakistanis investors for industrial plots. No quota has been fixed to entertain or facilitate local or foreign investors; however, preference would be given to the investors who bring in the high-tech industry, export-oriented industry, and enhanced import substitution. Development work is delayed due to Covid-19.

The Rashakai SEZ is the first step flagship project towards the province's sustainable development, which will create 200,000 employment opportunities and boost economic activities on a large scale.

Two Chinese companies have already completed all the required agreements and one has been allotted plot for steel production.

The provision of utilities such as electricity and gas for Rashakai is underway.

Pakistan and China are exploring possibilities for convening a much-awaited Joint Cooperation Committee (JCC) under the CPEC framework by the end of the ongoing month.

With regard to the SEZ at Rashakai, 10 megawatt electricity is available and transmission line is under construction.

Copyright Business Recorder, 2021